100,000,000 ADA in Liquidity: Cardano-Based Protocol Shares Update
PBG.io, a novel decentralized finance protocol in the Cardano (ADA) ecosystem, is going to unlock the access to 100 million ADA in liquidity for its users. Its CEO is sure that PBG.io might surpass all centralized exchanges in terms of accessible liquidity.
Cardano's upcoming protocol is going to outshine Binance, founder says
With 100 million ADA tokens in liquidity, PBG.io DeFi, a new liquidity farming machine on Cardano (ADA), will create a more resource-effective trading environment than Binance (BNB). Such a statement was shared by Pablo Antonio Bejarano, the CEO of PBGCapital asset manager.
Based on his estimations, PBG.io has all chances to offer 10x deeper liquidity than the world's largest exchange now offers to ADA traders across all pairs available.
He is going to accomplish this with the introduction of decentralized vault portfolios (DVPs), an entirely new DeFi mechanism for on-chain liquidity management.
The protocol has been in development since February 2023. During the beta testing phase that started in April 2024, PBG.io was offering 34% APY in ADA to its liquidity providers.
The project wrote about the collaboration with Anastasia Labs tech auditors and Dedius Network, the first-ever DePIN protocol on Cardano (ADA). However, the exact launch timeline is yet to be disclosed by its contributors.
Ahead of Chang hard fork, Cardano's DeFi ecosystem dips below $200 million TVL
Meanwhile, the total value locked in all Cardano-based DeFi protocols yet again failed to stay above $200 million in equivalent.
As per DefiLlama's estimations, the protocol amassed $193 million in TVL on all its DeFis; Minswap, Indigo and Liqwid are responsible for over 50% of this volume.
Tomiwabold OlajideTomorrow, Sept. 1, 2024, Cardano (ADA) is expected to activate the Chang hard fork. As covered by U.Today previously, it will introduce on-chain governance to Cardano, bringing the network one step closer to fulfilling the fundamental purpose of its final road map phase Voltaire.
Related articles
Alex Dovbnya
Dan Burgin